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20121201
20121231
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CNBC 17
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Search Results 0 to 21 of about 22 (some duplicates have been removed)
talking about 6,000 to talking about 5,900. the german bund rallying. same goes for the uk. we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here becaus
of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending. >> despite that prognosis for rates and the fact that we're now matching the record lows here, the
prices to next year. it will be oil related, a chance, good job with raising the tax threshold in the uk. that means for the first year in five. uk link will be up, not down. and them i also think thattory thing our chancellor did a good job of was she raised taxes by 10 so companies can invest a 215 pounds, not just 200 pounds. >> that's a leverage the other governments have been trying to pull. but your point is interesting. it's not just the uk we were seeing there. and it goes back to the point you were making about oil. u.s. retail gas prices are down 16% since their peak this year. if it weren't for the fiscal cliff, this is actually a big source of stimulus for households. absolutely. i don't want to make too much about it, but the biggest attacks oeft with the and elevated since the mid '70s, it could be coming to an end. so i think that is something we need to be aware of. the annual fuel rate in the uk is about 15 billion to consumers. you're looking at another percent on income. so as i'm sitting down righting the income for next year, it's not all doom and gloom, the mood is
, is profoundly stuck. the u.k. has been put on negative watch on three largest credit rating agencies. the european union is britain's largest trading partner, europe's economy remains on prepares you footing despite several months of relative calm and there's a growing debate about whether the u.k. should lead the e.u. earlier this month we covered the "economist" magazine read "good-bye europe, look what happened when britain left the e.u. " i'm pleased to have george osborne back on this program and back at this table. >> thank you very much. >> rose: you're in new york city for a speech at the manhattan institute. >> i did that last night and had some meetings on wall street, seeing them there later. >> rose: so what's your message about the british economy to manhattan institute as well as the mayor and wall street? >> well, the basic message is britain is open for business. if you want to come and invest in a country that is dealing with its problems, cutting its business taxes, providing opportunities for companys to go britain is the place. i think we're doing better. >> rose:
if it weren't for the ipad, the uk sales figures would be extraordinarily weak. >> yes. although, you know, for the uk economy, the consumer sector is not the weakest point. i think what is interesting about the uk economy in the last six months is this quite stronger than expected growth. if you look at the gdp number. but a very worrisome trend. so a liberal market that remains very, very firm with respect to other similar economic weakness. and i think that is what we really have to solve on the uk economy to know if this relativerelativ relatively soft, but also, i mean, rather encouraging if you look at other european countries numbers. i think we will have to wait until well into next year to understand if this is going to have a long-lasting consequences on the uk economy and also on the consumer sector. it's too early to say. >> you mentioned it's not necessarily the consumer where we're looking at the gauge of growth in the uk. but we see the employment figures be relatively strong even at a time when gdp generally is weak. what's the disconnect between what we're seeing in the em
in ubs have edged up in early trade after the bank announced a major settlement with u.s., u.k., and swiss regulators over its role in the libor fixing scandal. with more we'll look at the story with carolyn roth with us on set. i guess we're expecting a settlement, expecting something big. what have we learned today? >> well, first of all, i mean, the market reaction -- ubs up by 1%, can you believe that? what barclays was hit with $450 million fine, i mean, we saw a big hit in barclays' share price. this fine is three time the amount that barclays was fined. $1.5 billion or $1.4 billion swiss>>frank: francs. this is on the libor manipulation charges. ubs must pay swiss regulators $59 million in profits because the regulator can't fine ubs. the fine from the fsa is the biggest ever, 160 million pounds, $1.2 billion will go to the u.s. regulators. so the second biggest fine that was ever handed to a financial institution. of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm b
ourses to our international competitors, our economy here in the uk is growing by 0.6%, whereas in germany, we've seen growth of 3.6%. in the u.s., growth of #.1% during the same period. so certainly not a cause for celebration. still a difficult operating environment. under the former chancellor's plan, we would have been borrowing less in the next three years. because the government has failed to get our economy growing and because the policies have pushed us into recent double dip recession, they'll be pr rowing 212 billion pounds more than they planned. put that in context, that is the equivalent of what we in the uk will be spending this financial year on health, transport and defense in aggregate. >> you were talking quite rightly about the low level of he have credit growth in the uk, which has obviously been a feature of this period. but there's a question of what's cause and what's effect there. the banks will tell you that that problem is not so much availability of credit, there's credit demand and even in the mortgage sector which under normal circumstances you might
very cautious trading. we have industrial production coming out of the uk. if worse than expected, may get a negative q4 for the uk. italian yields are higher. spanish 5.54, just nudging a little higher. bunds down 1.29d% after the downgrade by the bundesbank, as well. draghi says we discussed it and again a big town great in inflation forecast, as well. some saying maybe they still won't, but it does knock the euro-dollar, 1.29d 25 is where we stand. dollar-yen 82.37. we talked about the yen in relation to what was going on with the earthquake. aussie dollar below 1.05. sterling-dollar just slightly weaker. that's where we stand as far as the european markets are concerned. let's get a wrap of the final trading day in asia this week. >> asian markets wrapped up the week on a mixed note. shanghai composite gained 1.6% and it's up over 4% on the week. stocks related to citi growth continued to surge as the new urbanization plan is aiming to boost investment plan. agriculture stocks up today on support policies. hang seng dragged lower by utility stocks. picc staged a strong trading debu
us is allen higgins, chief investment officer for the uk coutts. good morning. >> good morning. >> so we've had 12 years of exposure to gold. you're limiting it now. why? >> it's starting to lag, but more subtly from a portfolio construction perspective, it's lost its negative correlation. for example, quarter 2010, well, euro crisis won when we had equity markets down a lot then gold really surged forward, giving a negative correlation. and so for the portfolio manager at coutts, it has been at times a legal high gold exposure surging upwards in times of stress. for those days seem to have gone. trimming it. that is a fact that there's a real shortage of low risk investments of on german bunch negative. >> but you're saying it's trading like other risk assets at the moment. >> at times, it's correlated with em. so it's less attractive from a portfolio construction perspective as compared to what it was. >> it's fascinating because we've been talking about one theme for 2013 being is it a stock picker's market, are we seeing less differentiation, what you're saying would suggest that
, for example, the uk, it's actually a relatively small amount. if japan tries a much larger qe event, surely we go down the route of the uk which in and of itself does not demonstrate a huge increase in inflation and a huge increase in market growth, either. >> arguably, that is one of the problems with the huge task that the boj has ahead of it. people progress in terms of growth, japan has bigger problems, much bigger problems in terms of the demographic in terms of the structural hold back. so there are a lot of sectors at play now. i think one of the names that the boj has is whether this will work or not. but if were looking at it more from a yen perspective, certainly two things are going to drive the yen are going to be the relative price of the boj balance sheets with respect to, perhaps, the fed and the ecb and the other being the jgb. >> and briefly, in summary, what are your favorite strategic calls? >> the strategic calls for us are going to be buying the rupee against the yen. we are looking for the yen to depreciate further and keeping our fingers cross on some policy upside comin
. as you can see there, the uk gilt is telling offer a little bit. yield riding to 1.78%. whether it's the bund or even yields in spain are falling as prices rise a little bit. so there is light at the end of the tunnel according to our next guest. he says the global economy is close to reaching its weakest point before recovery sets in. he's robert cohen, chief equity strategist. woke. >> good morning. >> we just heard rob doddson talking through some of these results. unfortunately, we saw some signs of weaker demand, especially global demand in these reports. but perhaps what is consistent with what you're saying, why is it your view that that is going to happen? >> sometimes you need to pull away. you move away from the fundamentals a little bit on the month to month improvements. if you look at 2013 as a whole, the big headwinds you've had in a number of years, fiscal austerity is largely the sarp in europe year on year. 2014, that comes up quite quickly. 2013 is largely going to be the final year of the crushing deleveraging if you like on the european banks. so essentially the
as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, plenty to come on. >> yes. the south american union faces ejection from the imf for allegedly cooking its books about the innation rate. we'll head out to europe where the swiss banking giants could be facing $1.6 billion over libor rate rigging allegations. >> and we'll be on the floor in beijing where china's leaders just wrapped up a major conference. >>> and japan's prime minister election is calling on the bank
of u.k. and europe equivalent to ashburn and the buildings in the u.s.. and i know that in particular because the two cables down the east coast of africa does have their major hubs, their major nodes at telehouse in london. from their it's a straight shot to the landing place, again a fascinating place partly because it's in the same spot as the ancient port. this is always the place where the international -- >> host: andrew blum were and where these undersea cables that you refer to lade and by whom? >> guest: while there have been telegraph cables across the atlantic for 150 years now. the current generation of cables, pledged it depends on how you count, the individual strands or cable systems ,-com,-com ma sometimes two or even three individual strands, there are 10 or some say 12 of them across the atlantic. the current generation was all laid since the broadband boom in the mid-90s and the first was finished and 90 7-up until about 2002 when the last one was that and they are owned by a few different kinds of companies. they are all owned either by very large backbone companie
at a situation where governments, just like in the uk, have to come one a support mechanism to make that economically viable. so i think that's going to be the saying across the world. that is quite expensive here in europe. i don't necessarily see europe as a whole changing its mind and going from nuclear. if you take germany, for example, why did they change their mind? obviously, there were safety concerns but probably more importantly, it was to do with the ballot box. there was quite a bit of opposition, people out on the streets protesting and in the end of the days, the politicians decided to take what i considered to be a political course rather than an economic one. >> i don't think we would describe it as positively rosy just yet. we're saying that the storm clouds are listing. but as you're hinting, there are big question marks about growth in 2013, particularly in the euro area where we're not expecting very much more than a flat economy at best. key thing for the investment markets, as you know, is that gdp growth is only a small part of the story. a lot depends on what
. as i said, there's been a coordinated crackdown around the world of anti-bribery law in the u.k. and a big run in russia. corruption is everywhere. >> why isn't the united states further up the ranking? >> part of the problem and united states is always ranked around this area below top 10%. what they say is a lot of it has to do with just corruption not being enough of a priority. they say that the financial crisis changed some of that and people are starting to pay attention and citing a poll that 80% of americans believe that the financial crisis was the result of some public corruption. so it's more in the consciousness there and that affects the perception. it still has a long way to go. >> fascinating. thanks very much. >>> still ahead this morning, we've seen a wide range of companies unloading special dividends this quarter. have the nonissuing companies now made the wrong move. we'll take a deeper dive into that and talk about names that have yet to declare one and what it means for them ahead of the fiscal cliff. try running four.ning a restaurant is hard, fortunately
heard anything at all? >> "24" and "homeland" are popular not just in germany and u.k. but in jordan and turkey. "24" is a huge hit in iran. --s beamed in illegally by you're not getting paid for it? >> no. but i do think. >> but it's smuggled in a lot. the actor is persian and has a lot of connections in iran and he's been tracking "homeland" in iran. >> it is stunningly popular but i've read a few criticisms of the show and to the extent that we make piss people off on every side of the aisle and are embraced by them too is a good thing. one thing i did learn is that as an export, as a public face, we do have some responsibility, some influence on -- this is an american export and we are good at this. we make really good movies and television shows. it is what the world sees of us. and there was a book by a researcher at the gallop organization and they polled people in egypt what is your feeling about americans. i don't like america but i like americans. and a very small percentage had never met an american. and they said how dow know and the answer was "friends". >> based on that
europe and people in the u.k. and throughout the world. my hope is we are going to get the deal done. >> we have three weeks or so to play with at least this year some say. is that feasible knowing what you know? >> i think what you have to realize is there has to be a down payment. president outlined what he wants for that down payment on revenue side. let's have rates go back up which was the underlying assumption that was included in the whole simpson-bowles plan. the gang of six plan embraced that as well. brought the rates back up to 39%. you could still do tax reform after that to bring them back down and eliminate the tax expenditures. that's a good starting point. will we fully get through tax reform and entitlement reform by the end of the year? obviously not. what i fear is let's not continue to negotiate this into the 11th hour. every day that we go on during this period, during retail season, you hold back consumers which we know consumer confidence is two-thirds of the economy. folks are not buying stuff because they don't know what will happen come the beginning of the
. concerns over the uk economy. so we'll see how investors take to what's probably going to be a loosening up of the budget targets the chancellor set when they came into power. so we'll keep our eyes on that. and at the moment today, more talks in brussels. the greeks now getting their buy back program approved 37 trying to sort out a single supervisor. i think these talks will be fairly tricky because there is a majority who bt with a tant the be supervisor for all the banks. german didn't like that. so those talks will go on longer than originally hoped. but we are marginally higher going to the u.s. open. thank you. >> kelly, thank you. i'll just call you r kelly in now. >> that's not bad. >> ross, thank you. great to see you. >>> when we come back on squawk, bank of america ceo brian moynihan in his own words, we caught up with him yesterday to talk about business, the economy and the looming figure. as we head into a break, bank of america, best performing dow component of the year. up about 77%. ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, alu
encrusted ipad 2? that's right. two generations old. from the uk's stewart hughes. just $8 million. still too practical? check out this diamond encrusted blackberry bold for $1.2 million. to be fair i'm not sure they're selling that one anymore, carl. >> the 10 is still coming. maybe you can modify it for the 10. that is fabulous. take me back to the television. i assume it's only as good as the input you give it, right? if you play a standard dvd it is going to look like a standard dvd? >> that's right. it'll upscale blue ray and sony gives you a server with 10 4-k movies preloaded. it loans that out to people who buy the tv. >> all right. now the robot. did i hear you right? your face appears on the forehead? >> yeah. it's a little kind of a cross between fun and creepy. you can talk to the robot. see the person's face. >> definitely on the creepy. >> it's kind of fun to try to steer it around and, you know, i got to steer it myself when i visited the
look particularly appealing here, due in part to signs of resilience in u.k. gdp growth. so we've had the european close. meantime, bob joins me here at post nine with a look at not just europe but what we're doing here state side. >> sort of moving sideways and consolidating. a little news on night capital. just got off the phone with tommy joyce, who is now the executive chairman. take a look at night here. remember the deal. they've sold. they sold to geico here. a rather complicated deal. a two-to-one cash to ratio stock. again, i did talk to tommy. he said he'll be working there on a daily basis. none of these absent chairman things. he's going to be a hands-on guy. certainly a relief to everyone. everyone wants tommy joyce involved in their business. dan coleman will be spending half his time in chicago and half his time in jersey city. very interesting dynamic going on here. sort of a working partnership between the two of them. tommy insisted to me this is a complementary merger. that is true. given it's $720 million or so, how are you going to pay for it? are they going to se
Search Results 0 to 21 of about 22 (some duplicates have been removed)